Cryptocurrency

    Reporting on regulatory frameworks, enforcement actions, adoption trends, and risks associated with decentralised digital currencies like Bitcoin and Ethereum.

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    PEPs & Sanctions

    OFAC Sanctions Two for Funnelling Illicit Proceeds to North Korea

    By Editors | 18/12/2024

    The two individuals are part of a network led by Sim Hyon Sop, a sanctioned China-based banking representative who helps North Korea launder money.

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    Cryptocurrency

    ASIC Sues Binance Over Misclassification of Retail Clients

    By Editors | 18/12/2024

    Binance offered crypto derivative products to over 500 Australian retail investors who were misclassified as wholesale clients.

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    Stablecoins

    Ripple Launches USD Stablecoin on Global Crypto Exchanges

    By Editors | 18/12/2024

    RLUSD is backed by USD deposits, US treasuries and cash equivalents. Third-party attestations of the reserve assets will be published monthly.

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    Cryptocurrency

    FCA Proposes New Rules to Prevent Abuse in Crypto Markets

    By Mark Johnston | 17/12/2024

    CATPs will have to establish robust due diligence processes for new listings, produce disclosure documents, and implement market abuse related systems and controls.

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    Cryptocurrency

    Korea Halts Implementation of New Crypto and Securities Tax

    By Editors | 16/12/2024

    A revision bill was passed to prevent new taxes on gains from crypto, stocks, bonds, and funds from taking effect on 1 January 2025.

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    Cryptocurrency

    Hong Kong Commits to Implementing OECD Crypto Reporting Framework

    By Editors | 13/12/2024

    The government aims to commence the first automatic exchanges with relevant jurisdictions under CARF from 2028.

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    Cryptocurrency

    Australia Court Orders Kraken to Pay A$8m for DDO Breaches

    By Sanday Chongo Kabange | 13/12/2024

    ASIC believes many crypto products are subject to the same design and distribution requirements that resulted in Kraken’s penalty.

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    PEPs & Sanctions

    Iran, Russia to Soon Formalise Anti-Sanctions Alliance – Reports

    By Editors | 11/12/2024

    Both Iran and Russia are also planning to allow the use of cryptocurrencies as a way to circumvent Western sanctions.

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    Cryptocurrency

    FDIC Blocked Banks from Servicing Crypto Firms Throughout 2022

    By Thisanka Siripala | 10/12/2024

    Coinbase obtained FDIC letters showing that the regulator prevented banks from engaging in crypto-related activities throughout 2022.

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    Emerging Prudential Risks

    Korean Securities Firms Asked to Prepare for Market Shocks

    By Manesh Samtani | 08/12/2024

    BOK promised “unlimited” liquidity. FSS met with 36 securities firms. FSC activated stabilisation funds. VASP operations impacted.

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